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Acurx Pharmaceuticals announced plans to allocate up to $1 million worth of Bitcoin for its treasury reserves in a strategic move to embrace BTC as a store of value.
The decision approved today by the company’s board of directors aligns with a growing trend among companies seeking alternative financial strategies amid Bitcoin’s rise as a mainstream asset.
Acurx CEO David P. Luci highlighted the appeal of Bitcoin as a treasury reserve asset in his statement:
“As demand for Bitcoin grows and Bitcoin becomes accepted as a major and primary asset class, we believe Bitcoin will serve as a strong treasury reserve asset for unneeded cash over the next 12 to 18 months. Its limited supply and inflation-resistant properties make it a functional store of value.”
Luci specifically emphasized that this move is purely a financial strategy and will not impact the company's ongoing drug development efforts.
Acurx’s decision reflects the larger strategy adopted by MicroStrategy, which first added Bitcoin to its treasury in 2020, purchasing 21,454 BTC at an average price of $11,653 per coin. Since then, MicroStrategy has continued to accumulate Bitcoin, reaching a total of 331,200 BTC as of this week. The company’s stock is set to rise by over 500% by 2024, demonstrating the success of its Bitcoin-focused approach.
The announcement by Acurx comes at a time when Bitcoin is trading at all-time highs and analysts are predicting further gains amid President-elect Donald Trump’s promises of a crypto-friendly regulatory environment.
*This is not investment advice.